Deutsche Boerse CEO expects EU objections in mid-December

[November 22, 2016] BERLIN (Reuters) - Deutsche Boerse expects to hear what objections the European Commission has to its planned merger with London Stock Exchange in the second week of December, the German firm's chief executive told Reuters on Tuesday.

Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach
 

"They (the European Commission) will come in the second week of December with the so-called statement of objections. That will be the next data point really," Carsten Kengeter said on the sidelines of a digital conference in Berlin.

The European Commission opened a full investigation into the 27 billion euro ($28 billion) planned merger with London Stock Exchange in September, citing preliminary worries.

LSE has already said it is prepared to sell LCH SA, the French clearing subsidiary of the LSE's LCH.Clearnet group, but has not made a formal offer to the Commission.

The statement of objections usually lays out the case for the EU enforcer to block anti-competitive mergers unless companies can convince them otherwise with concessions.

The Commission is scheduled to decide by Feb. 13 on the deal, which can be extended once the exchanges offer any remedies.

(Reporting by Caroline Copley; Editing by Alexander Smith)

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